Eversource Capital in Talks to Acquire BluSmart for ₹850 Crore Amid Financial Scandal
In a major development within India's electric mobility sector, Eversource Capital is reportedly in advanced talks to acquire electric vehicle (EV) startup BluSmart in a deal valued at ₹850 crore. The potential acquisition comes at a critical time as BluSmart faces intense scrutiny over alleged financial irregularities.
Sources close to the matter revealed that the ongoing financial fraud investigation has prompted stakeholders to initiate leadership changes. As part of the acquisition deal, BluSmart’s founding team is likely to step down, paving the way for a new management structure backed by Eversource Capital.
BluSmart, known for its all-electric ride-hailing fleet and sustainability-first mission, had garnered significant investor interest in recent years. However, the company has come under fire following reports of accounting discrepancies and misuse of funds—leading to a full-scale internal audit and external probes.
The acquisition by Eversource Capital, a major investor in India’s green energy and sustainability ventures, could serve as both a lifeline and a reputational reset for BluSmart. Industry analysts suggest that if the deal goes through, it might help restore investor confidence in India’s growing but volatile clean tech startup ecosystem.
As negotiations continue, insiders suggest the deal could be finalized within the coming weeks. Eversource is expected to issue a formal statement after due diligence is completed.
Stay tuned for more updates as this story develops.
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